Weekly news

By: Amandeep SinghRoll no: 94972238256

Housing scam: CBI arrests top officials of PSU banks, financial institutions

The Central Bureau of India (CBI) on Wednesday arrested top officials from some leading PSU banks and public/private financial institutions. The CBI said that the officers of Bank of India, Central bank of India, Punjab National bank and LIC HF were receiving illegal gratification for facilitating loans. Executives at Money Matters were arrested for broking bribery deals . Five separate cases have been registered and investigations are on, the leading investigation agency said in a press conference. It hasn't put up a figure to the size of the scam.

GM to invest $163 mln at three US plants

General Motors Co plans to invest $163 million at plants in Michigan and Ohio to add engine production for the Chevrolet Cruze , the Chevy Volt and an unnamed new small car, the automaker said on Wednesday.

GM said the planned investments would protect 184 jobs at the facilities, which include an engine plant in Flint, Michigan; a components plant in Bay City, Michigan; and a casting plant in Defiance, Ohio.

FMCG market in rural India to touch $100 bn by 2025: Nielsen

The fast moving consumer goods market in rural India is tipped to touch $100 bn (around Rs 45,735 crore) by 2025 on the back of "unrelenting" demand driven by rising income levels , according to a study by research firm The Nielsen Company.

"The Indian rural market is set to become a USD 100 billion opportunity for retail spending in the next fifteen years," according to a statement released by the company today.

SITMA appeals Govt. to ban export of yarn and cotton

South India Textile Manufacturers Association (SITMA) has urged the Centre and Union Textile Ministry to ban the export of raw cotton and cotton yarn immediately, as the price of the yarn was going up.

The SITMA at a meeting here yesterday said cotton yarn was being used by 15 lakh and odd power looms in India and every year they were using 200 crore kilogram of yarn.

Delphi India appoints Reji Varghese as President, MD

Delphi Automotive , a leading global supplier of electronics and technologies for automotive, commercial vehicle and other market segments, today announced the appointment of Reji Varghese as its President and Managing Director of Delphi India.

This position was previously held by Ashok B Ramaswamy who will be moving back to Delphi's Electronics & Safety division, Kokomo , Indiana, USA, a press release issued here stated.